Compare £10,000 Unsecured Loans

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Information written by Tim Leonard Last updated on 20 January 2022.

What types of loan could offer me £10,000?

Whether you’re looking for a £10,000 loan, or want to borrow more or less, most loans fall into one of two camps:

An unsecured loan

Often also referred to as a personal loan, an unsecured loan allows you to borrow without needing to use something that you own as collateral against the loan. It will usually be the quickest way to arrange a £10,000 loan, and you don’t need to be a homeowner or own anything of value to take one out. However, generally you can expect to pay a higher interest rate than if you took out the alternative of a secured loan, and your credit score will be a more important consideration to the lender too.

A secured loan

With a secured loan, you will need to put something you own up as security to get the loan, such as your home. As lenders consider they are taking on less risk, secured loans tend to have comparatively lower rates of interest and allow you to borrow more than with an unsecured loan. Having a bad credit score is less likely to pose a problem if you want a secured £10k loan too. However, your property or asset used as security for the loan is at direct risk if you don’t make your repayments when you should.

» COMPARE: Secured loans

How does an unsecured loan for £10,000 work?

When you take out a £10,000 unsecured loan, you’ll be committing to repay the £10,000 loan plus interest over a set period of time. The repayments you must make each month are usually fixed and will have been worked out so that your loan and the interest due is completely cleared by the end of the loan term, as long as you keep up your repayments.

Can I get an unsecured £10,000 loan?

Successfully getting a £10,000 personal loan will depend on you being able to prove to the lender that you’ll be able to repay the loan. This means your chances of being accepted for a £10,000 unsecured loan will usually improve if you are employed and have a good credit rating. Making sure you’re on the electoral register will also allow a lender to quickly verify your identity and move your application forward.

What credit score do you need for an unsecured £10,000 loan?

A good credit score should make it easier to find an affordable interest rate from a wide variety of lenders that offer unsecured £10,000 loans. This is because a decent credit rating shows that you can usually be relied upon to look after your finances and repay your debts.

Can I get a £10,000 unsecured loan with a bad credit rating?

A bad credit rating can hamper your ability to borrow, as you may be considered too risky a proposition by some loan providers. However, bad credit loans could still remain an option, along with a secured loan where your credit score usually prove less important.

» COMPARE: Bad credit loans

Who can lend me a £10,000 unsecured loan?

If you want an unsecured £10,000 loan in the UK, your options could include the major high street banks and building societies and the newer challenger banks. Another option that you may wish to consider are peer-to-peer lenders.

How long is the repayment period for an unsecured loan for £10,000 typically?

Most £10,000 loans can be repaid over a term of between one and seven years, but some lenders may offer longer terms. The repayment terms available will depend on the loan amount, the lender and its affordability calculations.

How much would monthly payments be on a £10,000 unsecured loan?

The monthly payments you can expect to make on a £10,000 loan will be determined by the APR and the term of your loan. APR is short for annual percentage rate, and takes into account the interest rate of your loan and any additional fees that may be charged.

Choosing a longer term results in lower monthly payments, but will also mean paying a higher amount of interest in total, as the table below illustrates:

Loan Term APR Monthly repayment Total repaid Cost of borrowing
£10,000 3 years 3% £290.81 £10,469.24 £469.24
£10,000 5 years 3% £179.69 £10,781.21 £781.21
£10,000 3 years 8% £313.36 £11,281.09 £1,281.09
£10,000 5 years 8% £202.76 £12,165.84 £2,165.84

» MORE: Calculate your monthly loan repayments

How much would an unsecured loan for £10,000 cost in fees and interest?

This will depend on the APR and the period over which you’ll repay the £10k loan. The higher the APR, the more expensive a loan is. Opting for a shorter-term loan should keep your overall costs lower than with a longer-term loan, but the monthly repayments will be higher.

What are the pros of opting for an unsecured £10,000 loan?

The advantages of an unsecured £10,000 loan can include:

  • You don’t need to put anything forward as collateral or own a home.
  • The application process is usually faster than for a secured loan.
  • Your monthly repayment amount is usually fixed.
  • You usually get to choose your repayment period.
  • There may be the option to take a payment holiday.

What are the cons of opting for an unsecured £10,000 loan?

The potential disadvantages of a £10,000 unsecured loan include:

  • You may find it more difficult to get a loan with a bad credit score, and if you do get one the interest rate is likely to be higher.
  • As you don’t provide collateral, interest rates are usually higher on an unsecured £10k loan than on a secured loan.
  • There may be an early repayment fee if you want to pay your loan back before the end of the loan term.

How to get a £10k unsecured loan

To get any unsecured loan, a lender will want to see proof of your identity, by checking your passport or driver’s licence, and proof of your address, via perhaps a recent utility bill with your address on it.

Depending on your chosen lender, it may be possible to apply for a £10k loan in branch, online, by post or phone.

A lender will always conduct a credit check to help it reach a decision on your application. Making sure your credit score is as good as it can be is therefore a must. You will also usually need to supply details of your employment as part of the decision-making process, and then your bank details if you qualify for the loan.

» MORE: How to arrange a personal loan

How soon could I get the £10,000 loan payout?

Approvals can sometimes take a matter of seconds once you’ve answered all the questions asked, particularly if you apply online. If you’re successful in your application for a £10k loan, some lenders may be able to pay the money into your account on the same day. Others often promise the day following approval for the funds to arrive.

How to choose the best unsecured £10,000 loan for me?

Finding the best £10,000 loan for you is key, and where our comparison table comes into play.

The various lenders can be sorted according to what is most important to you. Once sorted, the table still shows all of the criteria for each lender, and a representative example to give you an idea of the monthly repayments and total cost involved for each loan at a certain scenario. The eligibility criteria for each loan can be seen by clicking ‘More info’, or you can quickly check your eligibility by clicking the appropriate button.

What are the alternatives to consider?

If an unsecured loan is not what you are looking for or out of your reach, a secured £10k loan is one alternative to consider. You will need to provide a valuable asset you own as security, typically your home, but this usually makes the interest rates more favourable. The downside includes your property being at risk if you fail to make the necessary repayments.

£10,000 Unsecured Loans FAQs

Is a personal loan an unsecured loan?

Yes, a personal loan is an unsecured loan that can be taken out without the need to provide anything as collateral against what you borrow. However, a personal loan can also be a secured loan.

How much do you pay back on a £10,000 unsecured loan?

This will depend on the interest rate of the £10k loan that you secure and the loan term that you choose. Repaying your loan over a shorter period will reduce the amount that you pay in interest overall.

Do you need a credit check for an unsecured loan?

£10,000 unsecured loans are in the medium price range Yes, a credit check is required for an unsecured £10,000 loan. The higher your credit rating, the better the chance that you’ll be offered a more favourable loan rate.

What is a soft search?

A soft search is a way of checking your credit standing without impacting on your credit score. It will be recorded on your credit report, but won’t be visible to lenders when they are making a decision over whether to lend to you.

By comparison, if a hard search is made on your credit report and you are rejected by a lender, this will show up and could influence the decisions of lenders going forward. The main drawback of a soft search is that it doesn’t guarantee you will be accepted when you eventually apply for a £10,000 loan.

What is a fixed rate vs a variable rate?

With a fixed-rate unsecured £10k loan, the interest rate you’re charged will remain unchanged for the term of the loan, giving you certainty over exactly what your repayments will be each month. Personal loans are not likely to have a variable rate, these products are usually found on secured lending products such as mortgages. A lender retains the option to change the interest rate on your loan, usually in line with changes to the Bank of England base rate or perhaps another benchmark – this depends on the type of product you have chosen. The movement could be up or down and will cause your monthly repayments to rise or fall accordingly.

What happens if I miss repayments on an unsecured loan?

In the first instance, missing a repayment might see a lender hit you with a late fee or remove any low rate incentives, which you may have been enjoying. There is also the possibility of missed payments showing up on your credit report, potentially making it more difficult for you to secure credit in the future.

If missed payments become a recurring problem, your lender is legally entitled to try to recover its money, often by way of a county court judgment.

» MORE: The consequences of missing loan repayments

Could I be refused an unsecured loan for £10,000?

Yes, it’s possible you could be rejected for an unsecured loan for £10,000 or any amount, particularly if your credit score leaves a lot to be desired, you don’t have a reliable income or your affordability is low.

What if I need a guarantor?

If a lender wants you to have a guarantor, it means you’ll need to find someone who is willing to commit to covering your loan repayments if you can’t. Guarantor loans have different features that should be fully considered.

» COMPARE: Guarantor loans

Can I borrow more with an unsecured loan?

Assuming this is affordable for you, most lenders will allow you to borrow up to £25,000 using an unsecured loan. If your requirements are much higher, secured loans usually allow you to borrow more than an unsecured loan.

» COMPARE: £25,000 unsecured loans

Can I borrow less than £10,000 with an unsecured loan?

Yes, personal loans can start at almost any amount and the set up and interest rates vary depending on the size and term of the loan. Different personal loan lenders will have different borrowing limits, so always check what is available.

» COMPARE: £5,000 unsecured loans

How do I check my credit score?

You can check your credit score by approaching any of the major UK credit reference agencies – Experian, Equifax and TransUnion.

» MORE: Checking your credit score

How can I improve my credit score?

There are various ways to try to improve your credit score, including paying your bills promptly, keeping a low credit balance and making use of any credit facility you already have – a credit card, for example – if you’ve not done so before.

» MORE: Ways to improve your credit score

About the author:

Tim draws on 20 years’ experience at Moneyfacts, Virgin Money and Future to pen articles that always put consumers’ interests first. He has particular expertise in mortgages, pensions and savings. Read more

Compare products provided by Monevo
  • M&S Bank Personal Loan logo

    M&S Bank Personal Loan

    • Representative APR
      2.8% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 7 years
  • Post Office Money Personal Loan logo
    Broker

    Post Office Money Personal Loan

    • Representative APR
      8.1% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 7 years
  • Admiral Personal Loan logo

    Admiral Personal Loan

    • Representative APR
      9.9% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 5 years
  • JN Bank Personal Loan logo

    JN Bank Personal Loan

    • Representative APR
      12.9% APR
    • Available Amounts
      £1,000 to £15,000
    • Min / Max Terms
      2 to 5 years
  • Shawbrook Personal Loan logo

    Shawbrook Personal Loan

    • Representative APR
      13.9% APR
    • Available Amounts
      £1,000 to £35,000
    • Min / Max Terms
      1 to 7 years
  • Zopa Personal Loan logo
    Peer To Peer

    Zopa Personal Loan

    • Representative APR
      15.4% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 5 years
  • My Community Finance Personal Loan logo

    My Community Finance Personal Loan

    • Representative APR
      18.85% APR
    • Available Amounts
      £1,500 to £25,000
    • Min / Max Terms
      1 to 5 years
  • KOYO Personal Loan logo

    KOYO Personal Loan

    • Representative APR
      24.9% APR
    • Available Amounts
      £1,500 to £12,000
    • Min / Max Terms
      6 months to 5 years
  • BetterBorrow Personal Loan logo

    BetterBorrow Personal Loan

    • Representative APR
      27.1% APR
    • Available Amounts
      £1,000 to £12,000
    • Min / Max Terms
      1 to 5 years
  • LiveLend Personal Loan logo

    LiveLend Personal Loan

    • Representative APR
      29.9% APR
    • Available Amounts
      £1,000 to £12,000
    • Min / Max Terms
      1 to 5 years
  • Oplo Personal Loan logo

    Oplo Personal Loan

    • Only available to homeowners
    • Representative APR
      31.6% APR
    • Available Amounts
      £2,000 to £15,000
    • Min / Max Terms
      2 to 6 years
  • Everyday Loans Personal Loan logo

    Everyday Loans Personal Loan

    • Representative APR
      99.9% APR
    • Available Amounts
      £1,000 to £15,000
    • Min / Max Terms
      1 to 5 years

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

Our service is free of charge but we receive commissions from the providers we refer you to. This table is initially ordered by representative APR. You can use the options above the table to order it according to various criteria. You may be offered different rates depending on your personal credit rating.

Our comparison service features a selection of providers from whom we receive commission.

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*Eligibility Service:

The loans eligibility service is fully provided by Monevo.  The data you supply is directly submitted to Monevo and is used to retrieve loan quotes from their panel of lenders.  By using their loans eligibility service you are agreeing to Monevo’s terms and conditions and privacy policy which can be found at Monevo.co.uk. Monevo does not carry out credit repair services.

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